Page 76 - Annual Report 2016 EN

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CAPITAL MARKETS AUTHORITY OF
KUWAIT MOU
H.E. Dr Nayef Al-Hajraf, Chairman,
Board of Commissioners and Man-
aging Director of the Capital Markets
Authority - Kuwait, left, and Michael
Ryan, Chief Executive Officer of the
Regulatory Authority

INTERNATIONAL

COOPERATION

Since its inception in 2005, the Regulatory Authority has entered Similar engagement efforts are underway with the European
into 32 Memoranda of Understanding with a broad range of inter- Securities and Markets Authority (ESMA) to establish cooperation
national jurisdictions and international bodies. agreements with European Union member states via an MoU. An
MoU with ESMA members will enable the Qatar Financial Centre to
The IOSCO Decision Making Group resolved in December 2016 to
invite the Regulatory Authority to become a signatory to the Interna- comply with the Alternative Investment Fund Managers Directive,
tional Organization of Securities Commissions (IOSCO) Multilateral which will give firms authorised by the Regulatory Authority access
Memorandum of Understanding (MMoU). The formal signing of the to European asset management business.
MMoU took place in May 2017 at IOSCO’s annual conference. The An MoU between the Regulatory Authority and the Capital Markets
IOSCO MMoU is an international benchmark for cross-border coop- Authority of Kuwait (CMA) was signed on 3 November 2016 at a
eration and provides regulators with important tools to combat signing ceremony that took place at the Regulatory Authority. The
cross-border fraud and misconduct that can undermine investor MoU provides a formal basis for cooperation on information sharing,
confidence and lead to weakened global markets. operational and capacity development.